Money Quick Tips: Timing the start of your small business / USA TODAY

by Regina Lewis, Special for USA TODAY

by Regina Lewis, Special for USA TODAY

There are a lot of factors involved with starting a new business and timing can be everything.

In this Money Quick Tip, we look at why this might be as good a time as any to start a small business depending on your personal and professional circumstances and priorities.

Historically more businesses are started during recessions than during times of prosperity. A down economy can mean a lower cost base, as rents, capital and labor may be cheaper.

Consulting can be a viable option if your skills are differentiated enough and in high demand. Cutting costs may be needed to allow for a career shift when working for yourself without incurring unmanageable debt.

And don't forget about taxes. Make sure you understand the tax ramifications of working for yourself and are disciplined about setting aside money for taxes, which depending upon your IRS business classification may need to be done quarterly.

The bottom line: Resilience is key. Most experts agree there is never really a right or wrong time to start a business, you've got to make your own good luck.

Regina Lewis is a national television contributor and host of USA Today's new daily "Money Quick Tips." Follow her on Twitter: @ReginaLewis.